Picton says values have ‘stabilised’

Picton has said its net asset value has stabilised after successive quarters of decline. In a quarterly update, the REIT said its assets were now valued at £541.9m, with a like-for-like fall of 0.7% from the previous quarter’s £547.6m. Chair Lena Wilson said: “The modest reduction in NAV over the period confirms a trend observed in March that the rate of valuation decline in our portfolio has stabilised since December 2022. This is reflective of a number of factors, including the macroeconomic backdrop and the current level of investment activity across the UK real estate sector.” NAV/EPRA NTA per share decreased by 1.1% to 99.4p, down from 100.4p in March. The total return for the quarter of was -0.2%, up from the previous quarter’s -0.9%. Picton took heart from modest positive valuation movements in the industrial, retail and leisure sectors. Chief executive Michael Morris said: “It is encouraging to see that the portfolio valuation has stabilised relative to previous quarters, supported by positive movements in the industrial and retail sectors.” To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews